2023/2024 Land Tax Rates - State Revenue Office
In the State Budget announcement in May this year, a change to the land tax assessment thresholds applied to property owned (other than your main residence or that used for primary production activities) for the calculation of land tax was made. This means for those taxpayers who own a holiday house or investment property that previously have not paid any land tax they may, for the 2024 year, receive a land tax assessment notice. The new thresholds are available at https://www.sro.vic.gov.au/land-tax-current-rates.
As an example, for the 2024 year, a property value of $300,000 would return an assessment of $975, whereas a property value of $350,000 would return an assessment of $1,500. Previously the $300,000 property would have received a nil assessment, and the $350,000 property would have received an assessment of $475.
If you have any queries or concerns, please do not hesitate to contact our office.
